SAN FRANCISCO, CA (January 2022) — Polaris Real Estate Partners (PREP), a principal investor and manager of multifamily properties, has purchased Sylvan Thirty, a 201 unit stabilized multifamily property in Dallas, TX.
“We estimate that Sylvan Thirty’s in-place rents are in more than 25% below market. We intend to upgrade all units and the resident amenity package to capture this potential upside,” stated Travis Pacoe, general partner of Polaris Real Estate Partners. General partner Ron Abta also noted, “In addition, we’re buying Sylvan at about half of the replacement cost demonstrated by comparable properties built nearby. This will act as a hedge against any potential new construction threat that may arise in the future.”
Sylvan was designed by world-renowned architecture firm Lake | Flato which has won numerous awards for environmental excellence in design. Constructed in 2015 to LEED certifications, Sylvan incorporates many unique elements created for energy conservation and outdoor enjoyment. The property has a wide variety of floor plans, including studios, 1-bed and 2-bed layouts. Sylvan has an extensive amenity package, including controlled access, a swimming pool with large sun deck, clubhouse/ business center, state-of-the-art fitness center, pet park with bath station, secure package/ mail lockers, 425 car parking garage, 9-12 foot ceilings, extensive dining and entertainment across the parking lot and other features.
Sylvan Thirty is 1.5 miles from downtown Dallas, with 175K jobs within 3 miles of the property. The Dallas Central Business District is the largest concentration of employment in the DFW metroplex, with over 2,500 companies and 30 million square feet of office space. Within one mile of Sylvan are Trinity Groves and the Bishop Arts District, neighborhoods that are two of Dallas’ most popular dining and entertainment destinations. DFW is projected to have the 2nd highest IT annual job growth in the US for the next five years. The Dallas/ Ft. Worth metro is the 14th largest economy worldwide and 6th in the U.S. No industry carries more than 20% of the overall employment.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States. The Polaris senior management team has an average commercial real estate experience tenure of over 26 years. Its two general partners have acquired 6,422 units to build PREP’s current portfolio. Polaris is also deeply committed to enriching the lives of its residents through its social impact programs and community improvement efforts. Polaris Real Estate Partners is seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.